Coinbase Global Inc (NASDAQ: COIN) has hinted at the launch of a synthetic Bitcoin token, "cbBTC," potentially setting the stage for increased competition in the synthetic Bitcoin market. This market is currently led by BitGo’s Wrapped Bitcoin (WBTC).
The announcement, made via a cryptic post on X (formerly Twitter), has generated considerable buzz within the cryptocurrency community. Jesse Pollak, head of Coinbase's layer-2 network, expressed a strong commitment to Bitcoin, aiming to build a "massive Bitcoin economy" on Base, Coinbase’s layer-2 network.
The timing of Coinbase’s announcement is noteworthy, as it comes amid growing controversy surrounding WBTC. On August 9, 2024, BitGo, the custodian of WBTC, partnered with Hong Kong-based BiT Global, a firm linked to Justin Sun, the founder of Tron (TRX). This partnership has raised concerns within the decentralized finance (DeFi) community about potential centralization and Sun’s controversial reputation.
Some within the DeFi community, such as Block Analitica, have responded by suggesting a halt to new borrowing against WBTC collateral on platforms like MakerDAO. Despite reassurances from BitGo’s CEO Mike Belshe, doubts and uncertainties persist.
The market has reacted to the cbBTC teaser with cautious optimism. COIN shares, currently trading at $193.81, have seen a slight daily decline of 2.09% but have risen by 5% over the past week.
coinbase price source：yahoo finance
According to AI-based analysis, the introduction of cbBTC could increase user engagement on Coinbase’s Base network, potentially driving higher trading volumes and revenue. This could push COIN shares to $215 by the end of 2024, assuming institutional interest in Coinbase’s ecosystem continues to grow.
ChatGPT-4o COIN price prediction. Source: ChatGPT/Finbold
Data from the Bank of Korea (BOK) has showed that the number of cryptocurrency investors in Korea has reached 15.59 million as of November, an increase of 610,000 compared to the previous month, representing more than 30% of Korea's entire population of approximately 51.23 million.
XingChiLuxury brands and businesses like Printemps, S.T. Dupont, and Virgin Voyages are now accepting Bitcoin as payment, driven by its record value of over $108,000. This shift highlights growing interest in cryptocurrency for high-end purchases despite challenges like consumer education and regulatory barriers.
WeatherlyMicrosoft shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's balance sheet, with only 0.55% in support. The board expressed concerns about Bitcoin's volatility, despite acknowledging its potential as an inflation hedge.
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WeatherlyBilly Markus, the founder of Dogecoin, recently shared regret about selling 37.37 bitcoins in 2015 for $424,152.54 — a decision that would now be worth over $368 million. Despite stepping away from Dogecoin in 2015, Markus reflects on its impact as a cultural icon while highlighting its true value lies in its community and shared ideals, not just market performance.
WeatherlyBitcoin has reached a new all-time high, surpassing $100,000, while CZ remains unaffected by the surge, holding onto the same amount of Bitcoin. Binance Coin (BNB) also hit a record high, but CZ’s focus remains on Bitcoin’s long-term value rather than its fluctuating price.
WeatherlyMeitu sold its entire crypto portfolio, making nearly $80 million just before bitcoin’s surge above $100,000. The company plans to distribute 80% of the gains to shareholders and refocus on its AI-driven apps.
AnaisBitcoin surpassed $100,000 on 5 December, driven by growing optimism following Trump’s pro-crypto appointments, including Paul Atkins for SEC Chair. This milestone signals investor confidence in a crypto-friendly future under Trump’s upcoming administration, which takes office on 20 January 2025.
JoyAt the same time as WBTC was facing a trust crisis, Coinbase announced its cbBTC built on the Base chain.
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